Bitcoin and ETH losing momentum post rate-hike rally
Bitcoin has not been able to make any bullish moves despite the recent rate hike. At first, it struggled to break through \(24,000 but now bulls are fighting to maintain \)23,000. While we should see another attempt at \(24,000 and \)24,700, it will be hard for Bitcoin to bounce back if the next attempt fails to breakthrough.
Moreover, the U.S. Nonfarm Payrolls came in at 517,000 — far more than the expectations of 185,000. This release, along with the reduced Unemployment Rate, may cause investors to think twice about the “Fed dovish stance” scenario.
The S&P 500 was able to break above 4,200 but is now back at 4,137. DXY on the other hand was able to maintain its high time frame support around 101.3 and has bounced up to 102.5.
This DXY bounce coupled with the loss of momentum for both stocks and crypto could mark the beginnings of a reversal.
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Bitcoin Technical Analysis
Bitcoin price has no new developments and our targets remain unchanged. For the short term, \(24,700 can be expected, however, all the higher time frames and economic factors point towards a correction that will have its first stop at around \)21,500. Volume remains to be low but a lot of future contracts are being sold hence there is an increase in sell pressure overall.
Ethereum Technical Analysis
Ethereum is currently down to \(1,638 and looks way more bearish than Bitcoin as liquidity keeps getting moved down to lower levels, such as \)800. For the short term, however, we should see multiple supports starting from \(1,400 as mentioned earlier, and stretching all the way to lower \)1,200. For the coming week if Ethereum is unable to cross \(1,700 with decent volume then \)1,450 will almost be certain..
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Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.